I bet we all have some plans in 2020 to get growth in our businesses. Well, luckily for you we have some of the best growth tricks you should be using in 2020.
G has worked in growth for some of the best B2B brands on the globe, including Segment, Drift, and Mention. He's renowned for his creative approach to growth. And in this episode of the GrowthTLDR, he didn't disappoint.
We talk to G about:
- His three-step process for identifying where a company is losing most revenue in their customer funnel, creating a list of experiments to resolve those issues, and putting a dollar value against how much each experiment could return to the business.
- How G can get a total addressable market for each of his clients, and using data, tell his clients how much of that market is looking to buy software like theirs in the next 90 days.
- G's go-to growth tricks for ensuring your company can get incredible growth in 2020
Time Stamped Notes
[2:45] - G has a set process to help companies identify their most significant opportunities for growth.
1. You first need to understand why you're growing. You need to invest in analytics to understand what's happening.
2. Next, G uses that information to identify areas in the customer journey where the company is losing great fit users.
3. G then creates a list of projects the company could invest in to resolve the different friction points, along with a dollar value attached to each project.
4. Finally, G can help the company prioritize this list, and help them understand what resources they need to be successful.
[6:25] - G uses Clearbit Reveal to identify segments of traffic who's conversion rate should be higher. For example, you can identify companies with multiple employees visiting your website and not converting. You can start to break this data out by traffic source/channel.
[9:30] - One of the tips G gives is to customize your onboarding emails based on the paid ads that caused someone to signup. You can pass that information into your CRM/database and then customize the email that a person gets.
[13:40] - Most B2B companies don't invest enough in the data they capture and usage of that data.
[15:05] - G has been investing a lot in models that can predict a companies total addressable market in dollars. He is purchasing data from a bunch of different sources and using that data; he is predicting how much of the market is potentially looking to buy software in the next 90 days. Having that data allows you to determine how much budget it's worth acquiring demand based on its propensity to buy your product.
[18:45] - G walks us through an example of how he would build out the total addressable marketing for the company MonkeyLearn. He breaks it into two steps, how you identify the number of companies suitable for your product, and how to use data to understand if they're currently in the market for a product like yours.
[22:00] - Currently, there isn't one platform that aggregates all the data together that G needs. G knows of one being built in France to solve this problem.
[22:35] - G gives us an incredible example of a bespoke system he used to help Gorgias identify Shopify businesses that would need their product.
[24:00] - G gives a great example of how to customize his outbound emails with content that adds value to the business receiving the email.
[25:40] - G makes it clear to people on his teams that he rewards creative ideas; this encourages his team to think of things that haven't been done before.
[28:35] - The reason G can take on so much risk is that he only manages the team where it's understood they'll fail more than they succeed. G's targets a success rate of 20%, 1 out of every five projects.
[31:00] - Once a project is successful, G and his team will hand it over to another team that can scale it. His team isn't responsible for the ongoing maintenance of the project.
[32:45] - G tries to get some real-world wins in the first 100 days to prove what he's doing works.
[34:20] - G goes through his best growth tricks that have worked time and again for his B2B clients. One example is removing the amount of data you ask for in the signup flow and ask for additional data once in the app to help people customize their experience.
[38:00] - Most companies fail at customer acquisition because they don't invest enough to execute in that channel to be at an advanced level. G gives us an example of how he made Facebook advertising work for B2B by getting advanced with the platform.